https://www.taxtmi.com/caselaws?id=35233 The High Court of Allahabad dismissed the appeal regarding the eligibility of a Co-operative Bank's interest earned on non SLR funds for deduction under Section 80P(2)(a)(i) of the Income Tax Act. Citing precedents involving Co-operative Banks engaged in banking activities, the court held that income from funds placed in approved securities for banking operations is deductible under the mentioned section. As the Co-operative Bank solely conducted banking activities, the interest earned on deposits exceeding the SLR was considered attributable to banking activities, affirming its eligibility for deduction. The court's decision was supported by previous judicial rulings, leading to the dismissal of the appeal on January 6, 2010. en-us Wed, 06 Jan 2010 00:00:00 +0530 Mon, 01 Feb 2010 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35233 The High Court of Allahabad dismissed the appeal regarding the eligibility of a Co-operative Bank's interest earned on non SLR funds for deduction under Section 80P(2)(a)(i) of the Income Tax Act. Citing precedents involving Co-operative Banks engaged in banking activities, the court held that income from funds placed in approved securities for banking operations is deductible under the mentioned section. As the Co-operative Bank solely conducted banking activities, the interest earned on deposits exceeding the SLR was considered attributable to banking activities, affirming its eligibility for deduction. The court's decision was supported by previous judicial rulings, leading to the dismissal of the appeal on January 6, 2010. Case-Laws Income Tax Wed, 06 Jan 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35233